Shares of technology companies rose after the largest Internet commerce companies surpassed high expectations with their earnings growth.
Shares of Apple rose to fresh record highs, and vied with Saudi Arabian state oil company Saudi Aramco as the world's largest by market capitalization, after it reported strong sales of iPhones and services in the second quarter.
Facebook shares rose after strong advertising sales propelled revenue growth. Amazon.com shares rallied and the online mega store's market capitalization surpassed that of Microsoft, after it reported second-quarter sales grew even faster than investors had anticipated as locked-down consumers splurged on Internet shopping.
Only Google parent Alphabet took a major hit from the pandemic, as some weakness in advertising rates weighed on its second-quarter earnings, sending shares lower.
President Trump will require Beijing-based Bytedance Ltd. to sell its ownership in TikTok, the popular video-sharing app that U.S. officials have deemed a national security risk, The Wall Street Journal reported.
Software giant Adobe plans to ban political ads from its digital advertising sales platform, people familiar with the matter said, the latest company to make such a move just months away from the U.S. presidential election. Adobe, a large player in facilitating online ad buying, will prohibit clients from purchasing political advertisements, such as those featuring a candidate or political issue, on its Advertising Cloud product effective Aug. 30, the people said.
Write to Rob Curran at rob.curran@dowjones.com
